The profit model of NBX is diversified, mainly relying on its various cryptocurrency businesses: Transaction fees: This is the main source of income for the exchange. When users conduct cryptocurrency buy and sell transactions on the NBX platform, NBX will charge a fee based on a specific percentage of the transaction amount. Staking service fee: NBX charges users who use its staking services a 10% service fee on the rewards earned. Custody and OTC service fees: Custody solutions and OTC bulk trading typically charge fees to institutions or high-net-worth clients based on the scale and complexity of the services. Bitcoin Reserve Earnings: Through its "Bitcoin Financial Reserve Strategy," NBX plans to generate returns from its held Bitcoin. Specific methods include: using Bitcoin as collateral to issue the stablecoin USDM, and investing in the Cardano and USDM ecosystems for returns. There are also plans to launch Bitcoin-backed loan products in the future. Stablecoin Business: As the European issuer of USDM, NBX can profit from issuing, redeeming, and related financial services.

Revenue Diversification: Traditional exchanges' revenue is highly dependent on market trading volume, and during market downturns, revenue can significantly decline. NBX has created a more stable and predictable revenue stream independent of trading volume through staking, custody, and innovative Bitcoin reserve strategies, enhancing the company's financial robustness. Establishing a Trust and Compliance Moat: As a publicly listed company and a regulated entity, NBX operates with a high level of transparency. Its practice of segregating customer funds from company funds and obtaining an electronic money license greatly enhances user trust, especially among institutional investors. This compliance is its core competitive advantage. Deeply integrated into the crypto ecosystem: NBX is not just a trading platform. By becoming the exclusive issuer of USDM in the Cardano ecosystem and providing staking services, NBX is deeply involved in the operation of the blockchain network, which not only generates revenue but also makes it a key partner in the ecosystem, enhancing its industry status and influence. Leading Market Innovation: Adopting Bitcoin as a company reserve asset makes it a unique investment target in the Norwegian capital market, attracting those who wish to invest in Bitcoin indirectly but are limited to investing only in publicly listed companies. This demonstrates the foresight of the company's management and may create new growth opportunities.

Bitcoin (Bitcoin, BTC): Impact method: NBX will use it as a core reserve asset for the company and plans to generate income from it (such as using it as collateral). This increases the institutional adoption cases for Bitcoin and creates new financial uses for it (yield generation, loan collateral). NBX's platform also provides liquidity for BTC in the Nordic market. How it influences: It has enhanced the narrative of Bitcoin as a "store of value" and "productive asset." The adoption of NBX has set an example for other listed companies, potentially attracting more institutional funds into Bitcoin. Cardano (ADA): Impact: NBX is a crucial part of the Cardano ecosystem. As the exclusive European issuer of the stablecoin USDM, NBX brings a compliant, fiat-backed stablecoin to the Cardano network, which is the cornerstone of the development of the DeFi (decentralized finance) ecosystem. In addition, NBX also provides staking and custody services for ADA and has listed the native tokens of the Cardano ecosystem. How it influences: It has greatly promoted the development and usability of the Cardano ecosystem. A compliant and regulated stablecoin issuance channel is key to attracting developers and users into the Cardano DeFi ecosystem. NBX provides ADA holders with a convenient staking option, increasing the network's security and level of decentralization. USDM (Stablecoin on Cardano): Impact method: NBX is its lifeline in Europe. It is responsible for its issuance, minting, and destruction. How it affects: The participation of NBX directly determines the liquidity, credibility, and adoption breadth of USDM in Europe. Ethereum ( Ethereum , ETH ) and other cryptocurrencies: Impact method: NBX provides trading and staking services for various mainstream public chain tokens such as Ethereum, Solana (SOL), Polkadot (DOT), and Avalanche (AVAX). How it affects: Primarily provides compliant trading channels and liquidity for these assets in the Nordic market, increasing their accessibility in the local market.